Cenovus Energy Inc. (NYSE:CVE) Shares Purchased by Scheer Rowlett & Associates Investment Management Ltd.

Scheer Rowlett & Associates Investment Management Ltd. lifted its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 33.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 3,163,034 shares of the oil and gas company’s stock after buying an additional 789,569 shares during the period. Cenovus Energy makes up about 3.7% of Scheer Rowlett & Associates Investment Management Ltd.’s portfolio, making the stock its 10th biggest holding. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Cenovus Energy were worth $52,896,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Blue Trust Inc. boosted its stake in Cenovus Energy by 640.3% during the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 2,651 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares during the period. Everpar Advisors LLC bought a new stake in shares of Cenovus Energy during the 2nd quarter worth $211,000. Envestnet Portfolio Solutions Inc. grew its holdings in Cenovus Energy by 12.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company’s stock valued at $226,000 after buying an additional 1,229 shares in the last quarter. Finally, Keystone Wealth Services LLC purchased a new position in shares of Cenovus Energy during the second quarter worth about $236,000. Institutional investors own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CVE. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. BMO Capital Markets reduced their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Monday. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Trading Up 0.7 %

CVE stock traded up $0.12 during midday trading on Wednesday, hitting $16.17. 1,001,434 shares of the company’s stock were exchanged, compared to its average volume of 8,823,988. The business has a 50-day simple moving average of $16.73 and a two-hundred day simple moving average of $18.43. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc. has a 1-year low of $14.69 and a 1-year high of $21.90. The stock has a market capitalization of $29.53 billion, a PE ratio of 11.07 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same quarter last year, the business earned $0.72 earnings per share. Cenovus Energy’s revenue was down 17.9% compared to the same quarter last year. On average, sell-side analysts predict that Cenovus Energy Inc. will post 1.5 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.133 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a yield of 3.29%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio (DPR) is currently 36.55%.

Cenovus Energy Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.